查询词典 monetary

Monetary easing--even unorthodox--is like pushing on a string when （1） the problems of the economy are of insolvency/credit rather than just illiquidity;（2） there is a global glut of capacity （housing, autos and consumer durables and massive excess capacity, because of years of overinvestment by China, Asia and other emerging markets）, while strapped firms and households don't react to lower interest rates, as it takes years to work out this glut;（3） deflation keeps real policy rates high and rising while nominal policy rates are close to zero; and （4） high yield spreads are still 2,000 basis points relative to safe Treasuries in spite of zero policy rates.

因为目前存在四方面问题：（1）金融层面的问题不仅是流动性不足，还在于资不抵债；（2）由于中国、亚洲及其他新兴市场持续多年的过剩投资，在住房、汽车、耐用消费品等领域形成了庞大的全球性产能过剩；（3）尽管名义政策利率已接近零点，但通缩却使得实际政策利率居高不下，甚至继续上升；（4）尽管政策利率接近零点，但高风险的高收益证券与安全的美国国债之间的利差仍高达2000个基点。

The main conclusions in the paper are as follows:(1) Deflation is a monetary phenomenon.

其主要结论如下：(1)通货紧缩本质上是一种货币现象。

The experience of other countries shows that traditional monetary policy can lose its effectiveness under a deflationary environment.

其他国家的经验表明，传统的货币政策在通货紧缩的环境下失去效用。

An analysis of monetary conditions and financial flows can provide at least a useful complement to now defunct models.

对货币状况和资金流动进行分析，至少可以为这些已经失效的模型提供一个有益补充。

But we should not delude ourselves into thinking that monetary policy can save the world.

但我们不能自欺欺人，以为货币政策能够拯救世界。

In chapter two we present a discussion about the demonetization of Daming Baochao Monetary System——the legal tender in the first period of Ming dynasty.

根据目前的研究状况和存在的问题，本文的研究包括六个部分：第一部分，主要是系统全面的介绍明代的货币制度与政策，包括货币形态、货币政策及货币发行和管理等方面。

Hayek's monetary theory includes the early neutral money theory and the later denationalisation of money theory.

哈耶克的货币理论包括早年的中性货币学说和晚期的货币非国有化学说。

Secondly, depository reserve as a monetary policy instrument shares similar changes with interest rate policy.

其次，作为货币工具的存款准备与利率政策做相似的转变。

If we do not adopt a tight monetary policy, inflation will continue to deteriorate.

如果不采用从紧的货币政策，那通货膨胀就会不断恶化。

With the amount of electronic money still small compared to other forms, the effect on monetary policy is not yet fully determinable.

相当数量电子货币小与其他形式比较，对货币政策的作用不是充分地可决定的。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。